Remembering Saint Stanislaus College (GUYANA) Alumni Society in your Will

Although many people tend to put off making a will while they are enjoying good health, a will is one of the most important deeds you can undertake.  As the culmination of a lifetime's financial planning, it is the only way to ensure that your assets are distributed as you would have wished.

 

A Will allows you to provide Bequests, Legacies, and “in memoriam” gifts to any Family Member or Organization that you wish to benefit from your estate, and is the only way to ensure that your Estate is distributed without legal complications and costs.

 

Bequests, legacies, and “in memoriam” gifts are often difficult subjects to address as many people automatically associate these terms with death.

 

But, of course, making a will is one of the most important deeds you can undertake.  It is the culmination of a lifetime's financial planning, and it is the only way to ensure that your assets are distributed as you would have wished.

 

Making a gift to SSC(G)AS in your will is a wonderful way to provide a lasting legacy of support and commitment.  Many people cannot afford to give large gifts during their lifetime, but can make a significant donation in their will.

 

After providing for the future of those closest to you, you may wish to show your support for an association at a level you were not able to afford during your lifetime.  SSC(G)AS is grateful for all legacies, large and small, and we appreciate that such a decision is one of the most considered and personally significant gifts that you are ever likely to make.

Ways to give a legacy

There are five common ways to give a legacy:

1.      
   1.   Pecuniary 

      This is a simply legacy of a specified sum of money to a named beneficiary.

     
2.   Residuary 

       The residue of your estate is the value remaining after all pecuniary legacies, debts, and other charges have been met.  The advantage of a residuary legacy is that its value will not be eroded by inflation.

     
3.   Reversionary

       A reversionary legacy is a valuable way of both providing for family or friends and benefiting SSC(G)AS.  It involves leaving assets to a chosen beneficiary to use during his/her lifetime, with the whole or a portion reverting to SSC(G)AS on his/her death.

     
4.   Non-money gifts

       A legacy need not be in the form of money.  Specific gifts in the form of stocks and shares, works of art, and other valuables also can be bequeathed to SSC(G)AS.

     
5.   Conditional

      A conditional legacy addresses the possibility that you may survive all your named dependents.  It would ensure that, in this event, your estate would be left to SSC(G)AS and to any other beneficiaries you may name.

Life Insurance

Another strategy which addresses the “how” is using life insurance to fund charitable bequests at death.  Many people use the gifting of life insurance proceeds as part of their tax and estate planning since proper structuring can allow them to claim the life insurance premium or the resulting death benefit as a tax deduction.

SSC(G)AS was incorporated under the Laws of the Province of Ontario in 2010 as a charitable organization..

In all cases, we strongly recommend that you seek professional advice when writing your will.

For further information, consult:
http://www.leavealegacy.ca/program